Debt Profile

Debt Profile

At December 31, 2019, we carried a total debt balance (including accrued interest) of €5,733.0 million, of which €1,490.6 million principal amount is related to the Senior Secured Fixed Rate Notes due March 2028 and €3,153.8 million principal amount is owed under our 2018 Amended Senior Credit Facility with maturities ranging from August 2026 through December 2027. Our total debt balance at December 31, 2019 also included a principal amount of €354.9 million related to our vendor financing program, all of which is maturing within less than twelve months, and €4.0 million for the outstanding portion of the 2G and 3G mobile spectrum licenses. The remainder primarily represents lease obligations associated with the Interkabel Acquisition and lease liabilities following the adoption of IFRS 16.

Throughout 2019, we have executed several (re)financing transactions with a view to both improve our overall funding cost and extend our debt maturity profile. In May 2019, we issued a new short-dated revolving credit facility ("RCF AP") for an aggregate amount of €60.0 million. This facility matures on December 31, 2021, carries a margin of 2.25% over EURIBOR (floored at 0%) and can be used for general corporate purposes of the group. At December 31, 2019, this facility was fully undrawn.

On June 3, 2019, we acquired the remaining 50% stake in the local media company De Vijver Media NV. Immediately after the closing of this transaction, we repaid De Vijver Media's €62.0 million third-party debt and terminated the existing interest rate swaps on its floating-rate debt, resulting in a cash payment of €1.1 million. All transactions were settled through available cash on our balance sheet.

In July 2019, we redeemed 20% of our €530.0 million 4.875% Senior Secured Fixed Rate Notes due July 2027 for an aggregate amount of €109.2 million, which included a €3.2 million make-whole premium. This repayment followed a first voluntary redemption of 10% in March 2018 and was partially financed through available cash on the balance sheet and a temporary draw-down on our revolving credit facilities.

In October 2019, we successfully issued a USD 220.0 million Term Loan and a €175.0 million Term Loan as an add-on to our existing term loan facilities. The net proceeds of these issuances were used to redeem in full the outstanding amount of €371.0 million under the aforementioned July 2027 Notes post the partial July 2019 redemption, including the payment of a €42.3 million make-whole premium.

In January 2020, we issued a new 8.25-year USD 2,295 million Term Loan and a new 9.25-year €1,110 million Term Loan in order to redeem the equivalent amounts under the aforementioned term loan facilities. Through this accretive leverage-neutral transaction, we succeeded in locking in attractive long-term interest rates while extending our tenor.

Excluding short-term liabilities related to our vendor financing program, we face no debt maturities prior to August 2026 with a weighted average maturity of 7.4 years at December 31, 2019. In addition, we also had full access to €505.0 million of undrawn commitments under our revolving credit facilities at December 31, 2019 with certain availabilities up to June 2023.

For more information on our debt instruments and payment schedule at December 31, 2019, we refer to the Q4 2019 Investor & Analyst Toolkit.